In what the jury were told was “unprotected, unhedged, incautious and reckless” trading, Adoboli, from Whitechapel in east London, born in Ghana and the son of a diplomat, came close to bringing down the entire UBS organisation, Switzerland’s largest bank.
“Your fall from grace as a result of these convictions is spectacular. The fact is you are profoundly unselfconscious of your own failings.” said the judge Mr Justice Keith.
Adoboli was arrested in September 2011 as a result of his spiralling reckless trading activities which had been taking place since October 2008. In his defence Adoboli told the court he was pressured to take risks by bosses and fellow traders.
“This was the UK’s biggest fraud, committed by one of the most sophisticated fraudsters the City of London Police has ever come across.” said Detective Chief Inspector Perry Stokes from City of London Police.
“When Adoboli’s pyramid of fictitious trades exceeded trading limits and non-existent hedging came crashing down, the repercussions were felt in financial centres around the world.”